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Redemption

The discharge of a mortgage.

The word redemption is used in the context of property transactions and means the discharge or to finish paying off of a mortgage. The payment of the balance of the money owed means that the mortgage is effectively discharged and is at an end. The lender will provide confirmation that they have received the whole of the money due to them by providing a Certificate of redemption endorsed on the mortgage document itself for interested parties to see. It will also be noted on the Land Certificate in the case of registered property.